X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

RESTON, VA-In what is being called the largest leasing deal in the office portion of the 1.2-million-sf mixed-use Reston Town Center development, government contractor Titan Corp. has laid claim to a total of 282,000 sf. The space is in the business park’s class A Two Freedom Square building. The deal allows the San Diego-based information and communications systems services company to relocate five of its area offices to a single address.

Arranging this monster-sized transaction took creativity since Titan is not only leasing but subleasing space as well. The task of bringing it all together fell to Insignia//ESG.

In essence, Titan was doing business with four different building owners in an effort to cull the necessary 60% of the 425,000-sf Two Freedom Square. The company is leasing 146,000 sf straight from the owner/developers Boston Properties Inc. and Terrabrook Communities. Titan is also subleasing a total of 136,000 sf from law firms Wilson Sonsini Goodrich & Rosati and Finnegan Henderson Farabow Garrett & Dunner.

It was last year when Wilson Sonsini pre-leased 109,000 sf–with 40,000 feet of that space on the top two floors of the 16-story tower–for the purpose of relocating its headquarters from McLean, VA. Finnegan Henderson also pre-leased its space, which totals 96,000 sf, before the last summer’s completion of the building.

While the financial terms of the lease and subleases have not been revealed, Delta Associates concludes in its First Quarter 2003 office market report that–based on actual direct leasing activity–office space in the Reston/Herndon market leases for about $23 per-sf. Direct vacancies in the market are up to 18.2%; 26.1%, including vacant sublets.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.